Cayman delegation rubs shoulders with European royalty

| 01/10/2018 | 22 Comments
Cayman News Service

Premier Alden McLaughlin, Prince Albert II of Monaco and Financial Services Minister Tara Rivers

(CNS): As public attention was focused on whether or not the Cayman Islands should embark on developing a cruise berthing facility, Premier Alden McLaughlin, Financial Services Minister Tara Rivers and representatives from the Maritime Authority of the Cayman Islands were in Europe rubbing shoulders with royalty. The Cayman delegation hosted a reception Thursday night at the luxury boat show in Monaco. The guest of honour was Prince Albert II of Monaco, who was welcomed by McLaughlin and Rivers.

According to a press release from the premier’s office, McLaughlin presented the prince with the Coat of Arms of the Cayman Islands and engaged in discussions about cycling. Prince Albert, who like the premier is a keen cyclist, invited him to take part in the the St-Tropez to Monaco charity bike ride in support of the Princess Charlene of Monaco Foundation. The prince also expressed an interest in returning the favour and visiting the Cayman Islands.

Officials said the reception, which was held for friends of Cayman, including yacht owners, yacht builders, naval architects and other key players and service providers in the yachting sector, was a successful evening that gave McLaughlin and Rivers opportunities to speak with them about the Cayman Islands and the Cayman Registry. Several guests said they plan to visit the Cayman Islands.

Prior to hobnobbing with royalty, the premier and minister met with the Minister of State of Monaco Serge Telle and the Finance Minister Jean Castellini “to better understand the way the two different jurisdiction function. McLaughlin said there are more similarities than differences between the two jurisdictions and there may be opportunities for closer collaboration.

Discussions also included infrastructure developments, such as the Portier Cove project in Monaco that will reclaim and develop develop 15 acres of land in the Mediterranean Sea for new homes in the wealthy resort of Monaco. The project is expected to cost about US$2.66 billion, but McLaughlin and Minister Rivers compared it to the cruise pier project here, suggesting the Cayman Islands government was also trying to reduce the environmental impact whilst ensuring future economic benefit.

After that meeting, on Wednesday evening the Cayman delegation hosted a dinner for clientele of the Shipping Registry. This was the first time that the Cayman Islands has hosted a dinner at the Monaco show.

“This dinner provided an opportunity for Cayman to thank some of the clients of our Registry for the business provided to the Cayman Islands and for their loyalty over the years,” said McLaughlin. “Today we are a world leading register. However, we cannot be complacent and must collectively work hard to maintain our dominance in the sector.”

The government has come in for considerable criticism for the extensive and what appears to be a costly government trip to the boat show. The visit has been justified by the role the Cayman Islands Shipping Registry plays as part of the slate of services offered through the financial services industry.

The premier’s office stated, “As a dominating flag state of the ultra-large segment of the yachting industry, the Cayman Islands has more than 80% of that market share and is a world-leading register. Not only does the Cayman Islands earn substantial fees from the work of the Shipping Registry, but the Caymanian brand is also greatly enhanced by so many luxury yachts being registered in the Cayman Islands and flying the Cayman flag.”

Rivers said, “The presence of those at dinner was a clear indication of the value they place on Cayman’s Shipping Registry.” She added that guests discussed with her and the premier the registry and the future of Cayman in general.

On the last day of the trip McLaughlin and Rivers met with Lia Riva, the owner of the well-known boat builders Riva Yachts based in Monaco. They discussed opportunities to work with the Cayman Registry as Riva Yachts focuses more in the super-yachts sector.

Later in the day the Cayman delegation attended the Cayman Islands sponsored MARE Forum symposium on the future of the super yachts industry. Minister Rivers was among that keynote speakers; others included Farouk Nefzi, marketing and brand director of renowned shipbuilders Feadship, as well as Sherice Arman, Partner of Maples and Calder.

The release stated that symposium was well attended and there was widespread discussion on the future of yachting, including the changing regulatory regime.

During the visit to the luxury show the delegation saw many large yachts using the Cayman Registry and flying the Cayman red ensign flag. Most of them had George Town displayed on their stern to indicate their registering port but one was seen sporting The Creek in Cayman Brac as the port of register.

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Comments (22)

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  1. Anonymous says:

    Watch at Alldone he dont like nothing better than to mix up with the foreigners smh

  2. Anonymous says:

    Did the speaker and de facto Premier go on the trip as well ? I am certain he would love Monte Carlo.

  3. Anonymous says:

    Join CIG, travel the world at your voters expense, get your own chauffeur, get put up in 5 star hotels to rub noses with people who couldn’t care less about you but makes you look good and feeds your ego that you are important and doing something that will benefit the country. What a waste on two wasters.

  4. PK says:

    As they wine and dine in Monaco crime is killing us they robbing the churches and our cars too!

  5. Broke Caymanian says:

    Well the Prince of Monaco should feel honor to be in the presence of real Royalty King Alden of Never Never Land and Queen Tara of Air miles as for you 148pm and 440pm here it is without both of them or this large entourage Cayman would achieve that anyhow how exactly are these folks going to enhance that any further. As for some of our Government officials boy they are eating quite well eh? the bulge is overwhelming or camera lens must be distorted. No wonder some can afford the lifestyles and business interest they own back here! Very odd did not see much of MACI’s Illustrious leader Joel da great either? I guess there was simply tooo many glory hunters jostling for screen time in Monaco. Please tell us on your arrival back to these now crime ridden islands exactly the cost of this little trip and what exactly was achieved by your presence there?

    • Anonymous says:

      CNS: are there plans to FOI this trip to advise the public of the costs?

      CNS: Yes. But if the government doesn’t want to look like they’re hiding the cost, they should really just make it public.

  6. Al Catraz says:

    Did anyone ask if they had Prince Albert in a can?

  7. Anonymous says:

    So, the fact that Minister Rivers is the Minister with responsibility for Financial Services, including the Shipping Registry, and has delivered a keynote address (presumably on behalf of the jurisdiction) at a major yachting industry forum seems to be completely lost on those commenting on this article. Attending such functions and respresenting the country in this capacity is precisely what she should be doing as Minister of Financial Services. I certainly don’t recall any uproar (or mass media attention for that matter) when she participated in a recent shipping conference hosted by MACI in the Cayman Islands (and I am sure there was a cost associated with Cayman hosting that).

    Instead people choose to parrot the comments of the other newspaper about her Brussels trip, just trying to stir up controversy. Again, if people took the time to read the releases provided by CIG about her recent trip to Brussels (as well the previous trips) you would clearly see that the financial services industry has been kept informed of the process and progress (that is, afterall, the industry that is the target of this EU blacklisting exercise), and so has the public through the numerous releases. But again, commenters here and Editorials choose to ignore these facts, clearly for their own agenda of trying to discredit Minister Rivers and the job that she is doing.

    I, for one, see through the “noise” of what is being said. As a member of the financial services industry and a Caymanian, I am extremely grateful for the efforts being taken by Minister Rivers to BOTH protect AND promote the jurisdiction, and the work of the various departments doing just that also.

    • MM says:

      If only she had been so attentive with the needs of our public school system whilst she was Minister of Education eh?

      • Anonymous says:

        In fact she was attentive – complete overhaul of the Education Law and regulations (first in over 30 years); new Education Council format and structure; new and independent Office of Education Standards; new early childhood literacy and numeracy interventions; significantly increased staff for Special Education Needs children; and the list goes on… All of these were initiated and completed under her tenure as Minister of Education. The progress we are seeing now in the schools inspections reports in just 2-3 years since the 2015 Reports (which she commissioned) is a direct result of the work put in by the Education Ministry and Department, and the schools, under her leadership. But you are more interested in the sound bites than the facts. Thankfully many of us know and appreciate the difference.

  8. Jotnar says:

    One of the men in the photograph was not elected to his position as head of state, doesn’t worry about day to day democracy but more or less pushes through whatever policy he wants, acts like a king and has no concern for the welfare of his own people, and the other one is Prince Albert

  9. Anonymous says:

    The premier and the financial services minister look great as a couple always travelling together supposely trying to get things better for cayman.

  10. Anonymous says:

    Ok…. so Minister Rivers needs to provide an update to the public of the progress of her numerous meetings to the EU…. and what is Cayman required to do to avoid being listed this year on the black or gray list! For the Premier…. agreed that the shipping registry is important to these islands and we must continue to strive to maintain this dominance HOWEVER, did the premier have to go to Monaco?? Couldn’t MACI have done this on their own as they have been for many, many years?! The Premier is no fool and has been referred to as a “Strategist” so many question his timing or decision to go on the excursion to the south of France to mingle with the wealthy as a way to get out of town……especially given the huge port meeting that his Deputy got a lashing and racked over the coals. Some wonder if your trip Mr. Premier to southern France has any relation to the port development and these yachts?? #PREMIERMIA #NOLEADERSHIP

  11. Anonymous says:

    Right so Tara went on a jolly to Monaco and the CIG propaganda machine churns out the crap.

    But what about the far more important trip to Brussels or was she so out of her depth made a complete pigs ear of the who thing and came back with nothing positive

  12. Just saying says:

    Yes, Alden met the prince of an extremely wealthy microstate, attending one of its headline annual events in connection with Cayman’s industry-leading and profitable shipping registry. There is nothing to attack here. We should be honoured Prince Albert and members of his government took the time. The fact they did clearly demonstrates that as Alden says, they value what we offer. We are a major regulator in an industry closely connected with Monaco. Few other places are so connected with yachts and those who own them. Cayman attends every year. This year we brought our head of government and in turn got their head of state. That’s a good deal as far as I’m concerned. Cue people saying he left Moses to deal with the dock meeting and would rather “hobnob” than roll up his sleeves locally – maybe he did and maybe he does. Or maybe the registry thought we needed to bring him to add something extra this year, and asked him, and he said yes because of the importance of the registry, and the yacht show was when it was, and was in his calendar for weeks if not months. However you look at it, it was successful.

    • Mike says:

      How refreshing to read Just saying at 4.40 pm seeing the positive side of the mission to Monaco, instead of the common party political crowing of ignorant and negative bile so commonly seen in CNS postings. Well said Just saying!

  13. Anonymous says:

    To all you marl road enthusiasts who think you know it all just because Sandra typed it, have a good read below. There was a poll on her page and many voted that our officials should not have been present, and that they were there just for entertainment and show, nothing to our benefit:

    The premier’s office stated, “… Not only does the Cayman Islands earn substantial fees from the work of the Shipping Registry, but the Caymanian brand is also greatly enhanced by so many luxury yachts being registered in the Cayman Islands and flying the Cayman flag.”

    • Jotnar says:

      Yep. Having the mega yachts of the ultra rich and oligarchs registered here because of our generous provisions for concealing the beneficial owners identity and tax efficient ownership massively enhances our international reputation.

  14. Anonymous says:

    I did not agree to pay for this jolly.

  15. Anonymous says:

    And how much did that cost?


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